This invention relates to an improved portable, hand-held receptacle used for cooling beverages such as beer and soft drinks for direct consumption from their canned or bottled containers. This invention is the first to make effective use of the superior cooling capabilities of natural ice as a refrigerant, to deal with the problem of ice expansion upon freezing, to feature a non-permanently sealed and refillable unit, and to provide these features in a unit that can be fully hand-assembled and produced at a lower cost than prior art.